Kuwait equities climb 21 pts; volume shrinks – Ooredoo gains 40 fils; NBK falls

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KUWAIT CITY, Nov 23: Kuwait stocks headed north on Wednesday after treading water in the previous session. The price index climbed 21 pts in volatile trade to 5,536.44 points paced by speculative buying in select counters. The banks and financial shares were mostly muted even as the sentiment got a fillip from the bounce in oil prices.

The KSX 15 benchmark dipped 6.46 pts to 868.24 points trimming the month’s losses to 42 pts while weighted index edged 1.17 pts lower. The volume turnover meanwhile shrank for the fourth straight session. 108 million shares changed hands – a 108 million shares changed hands — a 19.4 pct drop from Tuesday.

The sectors closed mostly in the green. Healthcare outshone the rest with 1.47 percent gain whereas basic materials shed 0.93 pct, the worst performer of the day. In terms of volume, financial services mustered the highest market share of 41 percent and banks followed with 20 pct contribution.

In the individual shares, National Bank of Kuwait dropped 10 fils to 650 fils after trading 1.9 million shares and Mabanee Co too was down by same measure before winding up at KD 0.830. Investment conglomerate KIPCO did not budge from its earlier close of 510 fils .

Zain was unchanged at 405 fils off early lows with a volume of 1.4 million and Wataniya Telecom (Ooredoo) rebounded 40 fils to KD 1.140 with thin trading. Kuwait Teleco-mmunications Co (VIVA) paused at 870 fils and Agility rose 10 fils to 530 fils.

Kuwait Finance House dipped 10 fils to 510 fils after trading 5.2 million shares and Ahli United Bank was flat at 405 fils. The bank has registered a nine-month net profit of KD 39.13 mln and earnings per share of 25.1 fils.

The market opened on a choppy note and vacillated in a narrow range in early trade. The bourse rose sharply almost half way into the session amid spurt in buying in select counters and scaled the day’s highest level of 5,538.48 pts . It retreated slightly thereafter before revving up in the final minutes to close with modest gain.

Top gainer of the day, Nafais soared 10.42 pct to 212 fils while Metal and Recycling Co climbed 9.6 pct to stand next. IFA Hotels and Resorts shed 6.67 percent, the steepest decliner of the day and Ithmaar Bank topped the volume with 10.8 million shares.

Mirroring the day’s upswing the winners outnumbered the losers. 46 stocks advanced whereas 39 closed lower. Of the 124 counters active on Wednesday, 39 closed flat. 2,745 deals worth KD 11.54 million were transacted — a 5.7 pct fall in value from the day before.

Lows

National Industries Group was unchanged at 118 fils off early lows and Gulf Cable gave up 5 fils to wind up at 370 fils. Kuwait Cement Co gained 15 fils and Kuwait Portland Cement Co stood pat at KD 0.940. Heavy Engineering Industries and Shipbuilding Co stagnated at 154 fils.

Kuwait Food Co (Americana) held ground at KD 2.620 and Yiaco jumped 25 fils to 390 fils. Kuwait and Gulf Link Transport Co inched 1 fil and KGL Logistics Co closed 1 fil in green.

Kuwait National Cinema Co slipped 10 fils to 940 fils and Shuaiba Industrial Co gained 15 fils. The company has recorded a net profit of KD 1.66 million and earnings per share of 20.94 fils in 2016, 9M up from net profit of KD 1.33 mln and EPS of 16.83 fils in same period of 2015.

Jazeera Airways drooped 10 fils to 800 fils and Humansoft Holding was down 20 fils ay KD 1.840. ACICO Industries Co stalled at 265 fils while Combined Group Contracting Co and Automated Systems Co shed 10 fils each to end at 620 fils and 260 fils respectively.

Equipment Holding Co took in 0.5 fil and Alrai Media Group Co stood pat at 140 fils. The company has logged nine- month net profit of KD 2.94 million and earnings per share of 12.701 fils as compared to net profit of KD 4.72 million and EPS of 20.386 fils in the year before period.

Al Qurain Petrochemical Co clipped 2 fils and AWJ Holding Co inched 1 fil lower. Mezzan Holding Co dipped 20 fils and Zimah Holding Co inched 0.5 fil down to settle at 41.5 fils.

In the banking sector, Gulf Bank and Al Ahli Bank were unchanged at 234 fils and 300 fils respectively and Kuwait International Bank followed suit. Burgan Bank paused at 320 fils and Boubyan Bank too did not budge from its earlier close of 395 fils. Warba Bank stalled at 220 fils with a volume of 2.63 million.

Kuwait Investment Co slipped 4 fils to 81 fils whereas National Investment Co and KIPCO were flat at 102 fils and 510 fils respectively. Coast Investment Co and Securities House Co took in 0.5 fil each while Bayan Investment Co paused at 32 fils.

Sokouk Investment Co and KFIC dialed up 0.5 fil each while Osoul Investment Co was up 2.5 fils to settle at 50 fils. Al Imtiaz rose 5 fils to 87 fils and Noor Financial and Investment Co closed 2.5 fils higher. KMEFIC eased 0.5 fil and Ektittab Holding followed suit.

National Real Estate Co was flat at 86 fils and Uniited Real Estate Co too did not budge from its earlier close of 95 fils. Mazaya Holding clipped 2 fils and Argan Real Estate Co added 4 fils.

The market has been mixed so far during the week and has gained 24 points in last four sessions. The price index has climbed 134 points from start of the month but is down 1.4 pct year-to-date. KSE, with 208 listed companies, is the second largest bourse in the region.

In the bourse related news, Shuaiba Industrial Co has recorded a net profit of KD 1.66 million and earnings per share of 20.94 fils in 2016, 9M up from net profit of KD 1.33 mln and earnings per share of 16.83 fils in same period of 2015.

Aqar Real Estate Investments Co has registered a net profit of KD 923,223 and earnings per share of 4.34 fils in the January-September period down from net profit of KD 1.72 million and EPS of 7.63 fils in the 9M of 2015.

Jeeran Holding Co. has logged a net profit of KD 431,750 and earnings per share of 3.17 fils in the first nine-month of 2016 up sharply from net profit of KD 177,518 and earnings per share of 1.30 fils in the 9M of 2015.

Kuwait Building Materials Mfg. has registered a net profit of KD 159,204 and earnings per share of 5.3 fils in the January-September period as against net profit of KD 363,059 and earnings per share of 12 fils in the same period last year.

Hilal Cement Company has logged a net loss of KD 3,709 and loss per share of 0.04 fils in the January-September period of 2016 narrowing from a net loss of KD 117,151 and LPS of 1.39 fils in same period in 2015

By John Mathews

Arab Times Staff

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